BAE Systems, Intel are under scrutiny by lawmakers over timing of CHIPS funds and stock buybacks
A group of Democrats are asking Commerce Secretary Gina Raimondo to ensure companies given CHIPS grants aren't using them to pad bottom line.CREATE FREE ACCOUNT
U.S. Secretary of Commerce Gina Raimondo testifies during the House Science, Space and Technology Committee hearing titled "Chips on the Table: A one year review of the CHIPS and Science Act," in the Rayburn Building in Washington, D.C., on Sept. 19, 2023.WASHINGTON — A group of Democrats are raising concerns as to whether companies that received federal funding for semiconductors used the money to support stock buybacks - and criticizing their own party over how the awards are given.
In the letter, lawmakers wrote the department has continued to "leave the door open for these large semiconductor companies to take millions or even billions in CHIPS grants, move some money around, and then engage in more stock buybacks." "t is difficult to square the buyback history and stated intentions of the CHIPS awardees with Commerce's indication that it will favor manufacturers that make real commitments not to engage in buybacks," lawmakers wrote their letter.from the CHIPS Act has been allocated, mostly to major companies. According to statement from the department, the awards are still preliminary and companies are undergoing a due diligence review.
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